SAExploration Wins West Africa Gig

SAExploration has secured two new projects offshore West Africa.

The projects are valued at approximately $42 million in the aggregate and are scheduled to occur primarily during the 2nd quarter of 2020 and last approximately 71 days.

Services to be provided will include 3D/4D data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 1,700 meters.

Michael Faust, chairman, president and CEO of SAE, said: “We are very pleased to be awarded these projects, which is further evidence of our customers’ confidence in our ability to deliver high quality datasets in a safe and environmentally friendly manner. A high priority for us is to improve our balance sheet. The sale of non-core assets to reduce debt has been an important tool to deliver on that priority.”

To remind, SAE recently sold certain Alaska North Slope seismic library datasets to a third party and has used $14.5 million of the net proceeds of the sale to reduce indebtedness under its credit facility.

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